Corporate governance
Acting responsibly plays a critical role in our success as a sustainable business and as a leader in our sector. It also enables us to generate shareholder value.
SUEK Group is a vertically integrated energy business headquartered in Moscow, with mining, generating and logistics assets in Russia and a distribution network throughout the world.
In defining corporate governance best practice, we followed clauses of the Code of Corporate Governance recommended by the Bank of Russia as well as standards set out in the UK Code of Corporate Governance, including:
- Treating all shareholders equally, recognising and protecting their rights;
- Ensuring the efficiency of our strategic and operational management and internal control and audit mechanisms;
- Ensuring the company’s financial and ESG transparency by providing stakeholders with accurate information in convenient formats;
- Adhering to rigorous ethical business standards;
- Providing a decent, safe and healthy working environment for our employees.
Governing bodies
- General Meeting of Shareholders;
- Board of Director;
- Collegial Executive Body (Board);
- Sole executive bodies: General Director and Executive Director.
General Meeting of Shareholders
The General Meeting of Shareholders is the highest governing body of SUEK, which makes decisions on the most important issues regarding our business, including reorganisation and liquidation, increasing or decreasing the authorised capital, distribution of profit, selection of members of the Board and selection of an external auditor.
Board of Directors
The main objective of the Board of Directors is to ensure effective governance, to utilise strategic capabilities, to foster sustainable development for the long term and to increase the value of the Group’s assets. It also protects the legitimate interests of shareholders and ensures disclosure of accurate information about the company.
Members of the Board are re-elected on an annual basis. Each committee includes independent directors with relevant backgrounds. The Board is constantly enhancing its work following the results of the annual performance assessment.
The Board of Directors is made up of highly-experienced professionals with three independent directors including an independent Chairman. Their profound knowledge of the industry and solid expertise ensure high-quality, strategic governance.
Executive Bodies
The Management Board is the Company's Collegial Executive Body, carries out the general supervision of current activities and takes decisions on the most important operating issues in accordance with the Company's Charter. The General Director and the Executive Director are the sole executive bodies and act in compliance with their authority as set forth in the Company's Charter.
General Director, Executive Director and management of the Company perform day-to-day management and ensure efficient operation of the Company, fulfill tasks set by the Board of Directors.
The Board has four standing committees:
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